WHY did you do it Kate? She's a member of Australia's racing royalty and heiress to a small fortune, so why has Kate Waterhouse decided to strip to her underwear for a magazine spread?

Kate Waterhouse - media personality, racing identity, and Luke Ricketson's bride-to-be - has taken the rather dodgy career turn of stripping to her lacey undies for a Men's Style magazine spread.

The daughter of Gai and Robbie Waterhouse is channelling Victoria's Secret star Miranda Kerr in the eight-page racy spread, in which she wears lingerie by Collette Dinnigan, Cartier jewellery and Gucci high fashion pieces.

Waterhouse tells the mag her parents are "easygoing" - good thing too.

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